Hello and welcome to the Freeport-McMoRan Inc 2025 Annual Meeting of Stockholders. Please note that today's meeting is being recorded. During the meeting, we will have a question-and-answer session. Stockholders can submit questions or comments at any time by clicking on the Q&A tab at the top of the webcast screen. It is now my pleasure to turn today's meeting over to Richard Adkerson, Chairman of the Board. Mr. Adkerson, the floor is yours.
Thank you. I am Richard Adkerson, Chairman of this Annual Meeting. Before we begin, I'd like to thank all of our shareholders and all of you for your continued support and engagement. In 2024, Freeport achieved strong operational and financial results. Our revenues and cash flows exceeded our 2023 levels. Importantly, we advanced several value-driven initiatives to drive improved operational performance and future growth. Copper's role in the global economy is increasingly important. As the leading global copper company, Freeport is strongly positioned to provide copper to a growing market and is firmly focused on building shareholder value. I now call this meeting to order. The meeting will follow the order of business and will be conducted in accordance with the rules of order. Rules of order copies of which are posted on the webcast screen.
Stockholders of record who have joined the meeting today in accordance with the instructions set forth in our proxy materials may vote and submit questions pertinent to meeting matters during the meeting. You may submit questions by clicking on the Q&A tab at the top of the webcast screen and typing your question in the box and submitting. These questions will not be visible to other meeting participants. Questions that are pertinent to meeting matters will be answered live during the question-and-answer period. When submitting questions, please provide your name and contact information to follow-up as necessary. You will be identified before your question is answered. Any questions relevant to meeting matters that cannot be answered due to time constraints can be submitted to investor relations or our company, as outlined in our proxy materials.
As a reminder, if you join today's meeting as a guest, you will not be allowed to vote or submit questions during the meeting. I'm personally proud of our directors who have a deep understanding of the challenges and opportunities facing our global business. I'm grateful to each of our directors for their service, contributions, and commitment to the future success of Freeport. I will now introduce my fellow directors. Dusty McCoy, our Lead Independent Director. Dusty is a retired Chairman and CEO of Brunswick Corporation. David Abney is the retired Chairman and CEO of UPS. Marcelo Donadillo, retired partner and Americas oil and gas sector leader of Ernst & Young. Bob Dudley is the retired Group Chief Executive of BP. Hugh Grant is the retired Chairman of the Board, President and CEO of Monsanto Company. Lydia Canard, President and CEO of KDG Construction Consulting and Quality Engineering Solutions.
Ryan Lance is the serving Chairman and CEO of ConocoPhillips. Sarah Lewis is the retired CEO of Lewis Corporate Advisors. Kathleen Quirk is our President and CEO of Freeport. John Stevens, retired Senior Executive Vice President and CFO of AT&T. Frances Townsend, the founder of Frances Fragos Townsend, LLC. In addition to Kathleen, we have two members of management participating in today's virtual meeting. David Joint, our Vice President of Investor Relations. Monique Sanac, our Assistant General Counsel and Corporate Secretary of our company, is also serving as Secretary of this meeting. Also participating today are Tracy Christman, Partner, and Sarah Bonin, Senior Manager, both of Ernst & Young, our independent registered public accounting firm. They're available to respond to questions during the question-and-answer period. Monique will now describe the procedures for this meeting.
Mr. Chairman, we will include in the records of the meeting a signed affidavit evidencing that notice of the meeting, accompanied by either a notice of internet availability of proxy materials or a proxy statement, a form of proxy, and an annual report have been duly mailed to each stockholder of record. Computershare will serve as inspector of election and tabulate the votes of the meeting. The inspector of election has taken and subscribed an oath, which will be included with the minutes. I've been informed by the inspector of election that there are present in person, including by remote communication or by proxy, stockholders entitled to vote, holding at least the majority of the outstanding shares of common stock on the record date, April 14th, 2025.
Accordingly, a quorum is present and the meeting is duly convened for purposes of transacting such business as may properly come before it. I remind everyone that today's presentation and certain of our comments on this live audio webcast may include forward-looking statements and actual results may differ materially. I refer everyone to the cautionary language included in our presentation materials and to the risk factors described in our 2024 Form 10-K. Ms. Quirk?
Thank you, Monique. As a leading global copper company, Freeport is committed to the objective of being foremost in copper, and our global team is powering progress by providing copper reliably and responsibly. Global demand for copper continues to grow. Because of its superior conductivity, copper is the metal of choice when it comes to electrification. New massive investments in the power grid, renewable energy generation, technology, AI infrastructure, and transportation are driving increased demand for copper, with forecasts predicting above-trend growth for the foreseeable future. In the near term, macroeconomic factors, including fluctuations in the U.S. dollar, tariff impacts, and trade uncertainties, have resulted in price volatility. To benefit from the long-term secular trends, we are advancing initiatives designed to build value from organic growth opportunities. We benefited Freeport from a large reserve and resource position with near-term, medium-term, and longer-term embedded growth options.
Efforts are being advanced to leverage innovation to improve efficiencies, reduce costs and capital intensity, and shorten lead times for our project. Our high-potential innovative Leach initiative is a great example of these efforts. We're also enhancing optionality in our extensive Brownfield Growth Pipeline to position the business for long-term growth and value creation. We have a clear focus on continued strong execution of our operating plans, enhancing productivity, managing costs and capital, and advancing opportunities for long-term profitable growth. We're confident in our strategic direction, focused on copper, and remain committed to delivering value to our shareholders.
Thank you, Kathleen. It is now time to open the polls and commit to voting by stockholders. As set forth in the company's proxy statement, the stockholders will vote on four items. The first item is the election of 12 directors. The second item is the approval on an advisory basis of the compensation of the company's named executive officers. The third item is the approval of the company's 2025 stock incentive plan. The fourth item is the ratification of the appointment of Ernst & Young as the company's independent registered public accounting firm for 2025. There are no other proposals to be voted upon at this meeting.
I certify that the four items you have announced are the only items of business to be properly voted on at the meeting. If you've already submitted your proxy, your vote has been counted and no further action on your part is necessary. If you are a stockholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so now via the website used to access this meeting. The polls will remain open until the chairman closes them.
We will now address stockholder questions about any of the items being voted upon at this meeting. In accordance with the rules of order, the entire question-and-answer period will be limited to a total of 20 minutes. David Joint, Vice President of Investor Relations, will read any questions pertinent to meeting matters submitted, and I will respond.
Mr. Chairman, we have not received any questions today.
Thank you, David. This concludes the question-and-answer period. The polls are about to close, so if you have not voted, please do so now. The polls are now closed on all items of business. It is now 9:11 A.M. Eastern Time. I ask the secretary to present to the meeting the preliminary voting results.
Any proxies or votes submitted during the meeting will be included in the final results of the voting. Subject to a final tabulation, we report the following preliminary results provided by the inspector of election. With respect to the election of the 12 directors, each of the 12 director nominees has been elected with holders representing at least 95% of the votes cast voting in favor of the election of each director nominee. The advisory approval of our executive compensation is passed, with holders representing 95% of the shares of common stock present in person or represented by proxy and entitled to vote on the matter, voting to approve the compensation of the company's named executive officers.
The 2025 stock incentive plan has been approved, with holders representing 96% of the shares of common stock present in person or represented by proxy and entitled to vote on the matter, voting to approve the 2025 stock incentive plan. The ratification of Ernst & Young has been approved, with holders representing 94% of the shares of common stock present in person or represented by proxy and entitled to vote on the matter, voting to ratify the appointment of Ernst & Young as the company's independent registered public accounting firm for 2025.
I declare that the 12 persons nominated for election as directors have been duly elected. I declare that the stockholders have approved on an advisory basis the compensation of the company's named executive officers. I declare that the stockholders have approved the 2025 stock incentive plan. I declare that the appointment of Ernst & Young as the company's independent registered public accounting firm for 2025 has been duly ratified.
A current report on Form 8-K will be filed with the SEC within four business days, reporting the final results of the voting at today's meeting, a copy of which will be available on the company's website.
All items of business have now been completed. There being no further business to come before the meeting, the meeting is now adjourned. Thank you for participating in today's meeting. If you have further questions, please contact our investor relations group. Operator, please conclude the call.
This concludes our meeting. You may now disconnect.